Slow funding foils plan

[NewsWhore]

The president of the Free Zone Industrial Association, Aquiles Bermudez, has expressed his disappointment at the fact that the government plan to revitalize the textile sector of the industrial free zones has failed to work because the government has not disbursed the needed funding. Bermudez said that the textile sector had high hopes due to the government's promises, but nothing has happened to fulfill those promises. The industrial leader told Hoy reporters that the delays would have a domino effect as more and more businesses close. He reported that in the main Santiago Free Zone, three more business will close in the coming days. According to Central Bank figures the Free Zone industries have diminished by 12%, and there "is no light at the end of the tunnel." According to Bermudez, the billion pesos promised by the government to make the textile sector more competitive are stalled in bureaucratic red tape. "We hope that the funds will be released shortly because many factories have committed the promised resources to the purchase of materials." Bermudez was quoted after signing an energy-saving agreement with the National Energy Commission.

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